Top 5 Questions To Ask Yourself When Considering Exiting Your Business
Jane Panneton
Passionate about helping Home-Based Care entrepreneurs grow their business or exit successfully to the next chapter in their journey
Professionals you will hire to help sell your business will have plenty of experience, expertise, credentials, and great ideas, but ultimately, you need to be the one to communicate clearly to them what you want and what you don’t want; then let them guide you there.?
It’s crucial to be introspective about your desired next steps, goals and needs, as well as, what kind of legacy you want to leave.
Top 5 Questions You Need to Ask Yourself When Considering Exiting Your Business:
1.????? Why am I exiting?
a.????? To retire, stop working, travel, spend time with family, take up new hobbies?
b.????? To have someone else in charge so I can take a step back but stay with my business?
c.?????? Start a new business in a different industry?
d.????? Work for someone else?
e.????? Take care of health, financial or family issues?
?
2.????? How much money do I need at exit, and in what structure?
a.????? I need a lump sum
b.????? I need a steady income over time
c.?????? I need a combination of lump sum and small income over time
d. I need to keep some equity
?
3.????? ?How do I envision my business after I leave?
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a.????? In the hands of someone just like me who will continue the same level of high-quality care
b.????? In the hands of a larger business that can afford to make the much-needed improvements that I lacked the funds to do
c.?????? I want a local buyer who knows the market
d.????? I don’t care what happens after I leave
?
4.????? What are my priorities with this exit?
a.????? I want the best possible outcome and will wait for the right opportunity
b.????? I want out asap and although the money is important, I will take what’s available
c.?????? I want a certain price but willing to flex on terms
d.????? I can flex on price but terms are non-negotiable
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5.????? What is my timing?
a.????? It will take however long it takes
b.????? I need to be out within the year
c.?????? I need to be out asap
These questions are not all inclusive but will be critical in helping your professional advisors guide you to YOUR desired outcome.
Analyst @ J.S. Perkins Consulting | M.B.A.
11 个月Hello Jane, I agree with what you are saying. I think many people don't think about the exit until they are there and it's usually to late, and you dont get what you should get for your business.